Plan revealed for Bahrain's first online insurance comparison portal

Website is expected to launch in third quarter of 2018 after winning Bahrain Central Bank approval

By Sam Bridge

Fri 08 Jun 2018 09:54 AM

Bridge Insurance and Reinsurance Brokers has announced it is in the process of launching Bahrain’s first online insurance comparison portal.

The company is launching operations in Bahrain after obtaining approval from the Central Bank of Bahrain, it said in a statement.

It added that the portal is expected to launch online in the third quarter of 2018.

The company, which currently provides insurance brokerage and consultancy services, said the new insurance comparison portal is the first of its kind in Bahrain and adds further momentum to the kingdom’s status as a regional FinTech hub.

Mahmood AlSoofi, chairman of Bridge, said: “It is estimated that in the United Kingdom, around 80 percent of insurance is sold online. In our view the region with its young population and strong fundamentals for e-commerce will quickly move towards matching this.

"We believe that the comparison portal, which makes the process of obtaining and comparing unbiased insurance quotes quicker and more convenient, will also play a major role in driving acceptance of the internet as a sales channel in the kingdom."

Bridge executive director and CEO, Salah AlMaraj, added: “With the portal I believe we have a clear opportunity to provide an exciting new solution that can benefit all stakeholders and marks a new approach to buying insurance."

David Parker, executive director – Business Development – Financial Services, at the Bahrain Economic Development Board, said: “Bahrain is well placed to provide a testing ground for companies like Bridge. We are pleased that we have supported Bridge to setup operations in the kingdom and we look forward to see them succeed and expand across the region from their base here in Bahrain.”